by Bill McBride on 6/01/2010 12:55:00 AM
Tuesday, June 01, 2010
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Cartoon from Eric G. Lewis
www.EricGLewis.com (site coming soon)
From Bloomberg: Commodities’ Biggest Drop Since Lehman Bear Signal
The Journal of Commerce commodity index that includes steel, cattle hides, tallow and burlap plunged 57 percent in May, two years after a decline that foreshadowed the worst recession in half a century. The index of 18 industrial materials declined the most since October 2008 as Europe’s debt crisis widened and China took steps to curb growth.From the WSJ: Steel Prices Under Pressure
From the WSJ: China Bites Into Commodities Reserves
The Dow Jones-UBS Commodity Index last week dropped to its lowest level since July, before recouping some of its losses. The index is down 9.9% this year.The euro is down to 1.226 dollars.
In April, China posted a significant drop in imports for some commodities, leaving many analysts wondering whether China's appetite for commodities has abated.
The Asian markets are off tonight about 0.5% to 1%.
The futures are off somewhat (Dow off 47).
Posted by Bill McBride on 6/01/2010 12:55:00 AM